This week’s tip is for those not sure who to listen to in terms of the property market. There’s been some changes and a lot of forecasts out there.
We all know the media blows a lot of things out of proportion. When you listen to the media, it’s very sensationalized. And the reason they do that is because they want to sell their advertising space.
What I personally always do is refer to those industry experts that have seen lots of market corrections and market changes.
Those experts that have seen property markets go up, go down, seen a lot of climate conditions, GFC share market crashes, a global pandemic, the ones that have weathered the storm and built their property portfolios, even in those turbulent times.
I speak to a lot of homeowners and investors and a lot of people are fearful of making a decision at the moment. Just not sure which way to move or not sure what’s going to happen.
Of course, it’s a forecast. There’s no guarantee, but again, if you refer back to people that have seen these conditions before and have bought and sold in good and bad markets and held property for the long term, you’ll be much more successful and much more confident when you’re making those decisions, whether it’s right to buy or hold.
Property Experts I Listen To
In the current market, some of the experts I currently listen to are Michael Matusik, Terry Rider, and Michael Yardney. These are very successful property investors who have built up their property portfolios and given lots of client’s great advice over the last 20 to 30 years and still advising clients to buy property in the right areas.
But it’s all about knowing your numbers and the research and data behind that. I run webinars for property investors, and I personally refer to Core Logic RP Data. It is probably the most widely respected data provider of property values in Australia.
The things that you need to look out for are a combination of statistics. It is not just the vacancy rate. It’s not just the auction clearance rate. It’s not just the capital growth or decline. It’s a whole number of factors. And having an understanding of the local area as well, because that area that you’re looking to invest in could be different from the market averages.
If you would like to find out what’s happening in the area where you’re considering buying, you’re welcome to reach out to me and I can provide you with a suburb statistics report, that helps answer some of those questions. To do this book a time in my calendar by clicking here and we can discuss further.
Regards,
Geoff Tomkins
Buyers Advocate
PH: 0404 852 781
